Strong growth for life risk market
Inflows into the life insurance risk market have grown 10.4 per cent over the year to March 2011, reaching $9.5 billion.
New data from Plan For Life has found both inflows and sales in the life insurance risk market to be strong, with almost all of the major players recording double-digit percentage growth.
Overall, AIA recorded the biggest jump in sales at 45 per cent, followed closely by AMP (29 per cent) and Tower (18 per cent).
But it was Tower that experienced the largest increase in premium inflows with 28 per cent growth, followed by AIA (16 per cent) and OnePath (10 per cent).
Inflows to the individual risk lump sum market grew by almost 10 per cent, with all companies reporting higher inflows. These were led by AIA (19 per cent), Zurich (13 per cent) and OnePath (11 per cent).
The individual risk income market also experienced inflow growth of 9.5 per cent, with BT leading the way at 23 per cent, followed by AIA (19 per cent) and OnePath (16 per cent).
Premium inflows into the group risk market experienced the highest growth of any sub-market at 12 per cent, with significant percentage increases experienced by both Tower (53 per cent) and AIA (15 per cent).
Sales in this sub-market jumped by almost 20 per cent, although the report stated this was likely to be somewhat fuelled by the cyclical remarketing nature of the business.
AMP led the way in sales with 219 per cent growth – but it must be noted that this was off a relatively low base, and due to a change in their reporting method.
Market leaders AIA also experienced strong growth of 62 per cent, followed by Tower with 34 per cent.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
